COVID-19 Tech: How to Pay for Unforeseen Technology Costs?

Strategic planning on spending for technology systems is generally an extensive process. It can take weeks and sometimes months planning, getting the budget approved, coordinating with different departments, finding a qualified vendor, getting a contract created, and finally getting the systems installed. But in the wake of COVID-19, we don’t have the luxury of standard timelines or budgeting to invest in new tech. You need systems that are going to keep your people and organization safe, healthy, and productive. And you need them installed quickly. So, how are you going to pay for these unforeseen technology costs?

Technology-as-a-Service.

Technology-as-a-Service (TaaS) is a way to acquire tech in a way that meets your cash flow and budget needs. It removes the daunting idea of a large Captial Expenditure and turns it into a manageable, monthly, operating expense.

TaaS can help you pay for the unforeseen (but critical) technology costs, but its benefits don’t stop there. Keep reading to learn why technology-as-a-service is the future of workplace tech purchasing.

1. Free Up Your Cash and Credit

Cash flow and credit lines have never been more important than they are now. With the current state of the economy, every business is hyper-focused on preserving funds. Yet, to get your business operating at full capacity again, your workspace has to change. Through TaaS, you can get the COVID-19 technology you desperately need and preserve your capital for mission-critical areas like personnel and inventory. No large down payments, no scary lump sums, considerable tax advantages, and flexible terms make leasing the smarter option.

2. Keep Up With the Competition

This pandemic has shown us that every move leaders make has the potential to change the trajectory of their business. We’re all walking on a fine line between success and failure. Keeping up with the competition can make the difference between keeping the lights on and sending everyone home for good.COVID-19 technologies can help you keep up with, and surpass, your competitors. You’re investing in tools that can increase productivity, improve worker/customer satisfaction, and highlight your organization's social responsibility.

3. Predictable Monthly Expense

To make things even simpler and easier,TaaS is paid through one monthly fixed invoice. Bundle all of your technologies, services, and soft costs (freight, SLAs, etc.) into a single monthly payment. This predictable payment structure makes forecasting and planning a breeze. It also provides a hedge against inflation; since lease payments are fixed, you'll pay for today's technology with tomorrow's dollars.

4. Low Risk

Right now, every large purchase feels extra risky since we don't know what tomorrow holds. TaaS lowers the risk since it eliminates the significant upfront investment, and the leasing firm assumes the risk for the equipment. It's also easy to bundle your tech investment with a service level agreement (SLA) to ensure that your systems are maintained. Technology-as-a-service is fiscally and physically less risky.

5. Prepared for the Future

Nobody saw the COVID-19 pandemic coming. Nobody had time to prepare. Nobody knows the right way to navigate these uncharted waters, and to a certain degree, we have to sit back and watch it pan out. But technology-as-a-service allows your firm to be more agile and responsive going forward. If there's a major shift in industry trends, you can easily add-on or trade-in technology keeping the same fixed terms. Your systems will be more flexible than ever, a quality that's becoming increasingly more important.

Even though COVID-19 technology solutions seem expensive, especially since you probably weren't considering them at the start of 2020, they are within your reach with TaaS pricing. By leasing your tech, you're gaining access to the essential systems you need to get back to businesses, and you're preserving your cash flow for whatever else lies ahead.

Inaction is not a solution, and freezing all purchasing isn't feasible long term. It's about buying smarter than you did before the pandemic. It's about equipping your people with the technology they need to feel safe and get their job done. It's about future-proofing your business so that it can withstand any storm.

This means TaaS pricing opens the door to a variety of cutting edge COVID-19 technology solutions. You can easily afford the systems that will help people feel safe in your space: people counting, cleaning alerts, thermal cameras, etc. Additionally, the necessary upgrades you want to make, like rearranging cubicles and installing hands-free access control, can be paid for slowly over the next few months.

Cost, while an incredibly important factor, shouldn't be a limiting obstacle. Technology-as-a-service is a smart way to purchase not only COVID-19 technology but any cutting-edge technology for the workplace.

The ASD® platform is about bringing confidence back to workplace technology. Never before has this been so needed. We would like to know what you are thinking and what you think works best for your environment. Please send us your feedback and let us know your thoughts as to the best next steps. Partners, manufacturers, and collaborators are welcome.

Joseph Pivirotto

Joseph serves as Chief Financial Officer of ASD®. He joined the company in October 2016 and is responsible for the finance, accounting and human resource functions for ASD®. He has over 25 years of extensive finance, accounting, and mergers and acquisition experience.